Second: Departments and Units Handling Banking Procedure Transactions
| No: 381000122205 | Date(g): 10/9/2017 | Date(h): 19/12/1438 | Status: In-Force |
Translated Document
Effective from 2017-09-24 - Sep 23 2017
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- Grant the departments and units that handle banking procedure transactions full authority to process transactions, execute directly on customer accounts, disclose information about them, and establish mechanisms to facilitate the swift and easy provision of banking documents related to these transactions.
- Ensure sufficient human resources are available to process transactions during official working hours and to keep pace with the increase in workload.
- Provide the necessary technical resources to comply with the provisions of this circular and to keep up with the increasing workload.
- The units and their employees must operate independently and be fully dedicated to handling banking procedure transactions.
- Ensure continuous monitoring of banking procedure transactions received by the bank/company and complete them within the specified timeframes to avoid delays, transaction backlogs, or carrying them over to the next day.
- Develop plans to mitigate the risks of shortages in human resources or technical failures at the bank/company or any risks that may affect business continuity.
- Emphasize to these units the confidentiality of the data and information included in banking procedure transactions, and prohibit the disclosure, publication, or sharing of such data and information with anyone for any reason.
- The prohibition referred to in paragraph (7) of section (Second) above excludes cases where the inquirer has legal standing (a bank customer or their authorized representative) when inquiring about transactions related to enforcement on their accounts. These are exclusively transactions that affect the customer’s balance, such as (account and fund freezes, lifting of freezes, transaction bans, lifting of bans, compulsory deductions from accounts via transfers or issuing checks, confiscation of funds, account suspensions or lifting thereof). After verifying the inquirer’s status, they should be provided with the request number and date. In the case of judicial banking procedure transactions, in addition to the request number and date, the customer should be provided with the judicial decision number, date, and the court that issued the decision, and the customer should be directed to contact the relevant court.